Ex-investor gears up for legal battle with TPG over severance

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Bill McGlashan — the Silicon Valley investor caught in the middle of the college admissions cheating scandal — is girding for an epic legal battle over his severance, The Post has learned.

The 55-year-old financier is prepared to square off against Texas-based buyout shop TPG over his share in a slew of lucrative investments he spearheaded for the firm — including early stakes in Uber, Airbnb and Box — that could be worth hundreds of millions of dollars, sources said.

TPG is preparing to push back hard, according to insiders. The firm’s legal team, headed by former President Trump lawyer Marc Kasowitz, is expected to argue that McGlashan’s role in the scandal was enough to give TPG the right to deprive him of any severance — regardless of whether he resigned or was fired, according to a source close to the situation.

On March 14, McGlashan — who had just been busted by the FBI for allegedly paying $50,000 to have his son’s ACT scores doctored and a phony football profile created to get him into USC — sent an early-afternoon email to resign from TPG.

“You have told me you will act fairly, and I am grateful,” McGlashan wrote at 1:02 p.m.

At 2:03 p.m., however, TPG co-Chief Executive Jon Winkelried emailed McGlashan a letter of termination, claiming that TPG was in the middle of drafting it when the company got his resignation.

McGlashan pleaded not guilty to the FBI charges.

In addition to the question of whether he quit before TPG could fire him, McGlashan will likely argue he’s entitled to a golden parachute because of all the money he made for TPG, says employment attorney Jonathan Sack.

McGlashan, who has tapped legal eagle John Hueston — who successfully prosecuted Enron CEO Ken Lay — to argue his case, had stood to collect 4 percent of all profits from the TPG Growth funds he had headed, a source close to the situation said. McGlashan was also a founder of the socially conscious Rise Fund, whose board members include Bono and Laurene Powell Jobs.

Attorney Cliff Stricklin, who worked with Hueston on the Enron case, says Hueston is a skilled and tough lawyer.

“Hiring him shows you are going to fight charges aggressively,” Stricklin said.

“The guy will probably say he built a lot of wealth and all the work he did for TPG should not go for naught,” Sack said, noting that McGlashan likely has the right to an arbitration hearing. “The question is, did TPG suffer damages equal to his compensation?”

Nevertheless, Sack believes McGlashan will likely face an “uphill battle” in the case, even as he faces potential jail time for mail fraud charges filed by the Justice Department.

“His contract probably has a morals clause,” Sack noted. “At the senior levels of private equity firms, they hold you to a higher standard.”

A spokesman said McGlashan is only focused now on his criminal defense.

TPG declined to comment.



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